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The companies have denied the allegations. Nestle said in a statement on Tuesday that it had explicit policies against child labor and was working to combat the global problem. The company said it disagreed with the 9th Circuit decision and was assessing appellate options. “Regrettably, in bringing such lawsuits, the plaintiffs’ class action lawyers are targeting the very organizations trying to fight forced labor,” Nestle said. Cargill did not reply to a request for comment. A district court in Los Angeles dismissed the lawsuit twice, most recently in March 2017. That court found that the former child slaves’ claims were barred by U.S. Supreme Court decisions that have made it harder for plaintiffs to sue corporations in U.S. courts for alleged violations overseas.

According to those rulings, violations elsewhere must “touch and concern” U.S, territory “with antique luxury car cufflinks sufficient force.”, The 9th Circuit said on Monday that the plaintiffs’ claims fulfilled those requirements as the alleged violations fell outside the scope of the companies’ ordinary business conduct, The former child slaves alleged that the companies provided financial and technical assistance to local farmers to guarantee the cheapest source of cocoa, The federal appeals court said that those “kickbacks” were supported by regular inspections of Ivory Coast cocoa farms by U.S, company employees who allegedly knew of and upheld the financing arrangements..

HONG KONG/SHANGHAI (Reuters) - News of a foreign wealth manager being denied exit from China last week is raising concerns for global private banks, as they seek to tap trillions of dollars of wealth offshore in the face of Beijing’s growing curbs on overseas investments and outflows. The banker, a Singapore-based member of UBS wealth management business, was prevented from leaving Beijing and asked to meet local officials this week. Her identity is not known yet. Although the purpose of the meeting is not publicly known, the news still led several banks including UBS, Citigroup, JPMorgan, Standard Chartered and BNP Paribas to ask private bankers to reconsider travel to China, people familiar with the matter said on Monday.

The Swiss bank on Tuesday rescinded its travel guidance and said in a statement it was business as usual in China, A UBS spokesman in Hong Kong declined to offer any further comment when contacted by Reuters on Wednesday, The uncertainty around the UBS banker’s delayed departure comes at a antique luxury car cufflinks tricky time for foreign investors in China as Beijing steps up curbs and increases scrutiny on offshore investments and outflows amid a weakening economy and currency, And as authorities continue a sweeping campaign to root out graft, some bankers are beginning to get nervous about pursuing arguably one of the biggest opportunity worldwide in the wealth management business..

The UBS snag could prompt clients as well as their offshore advisers to be more cautious in making new investments, four senior private banking sources said. “The immediate impact will be that everyone will be on pause for some time and try to figure out what all these means for China offshore wealth management business,” said a wealth management executive at a large European bank. “All the firms have their rules of engagement with clients when you are handling offshore wealth. The question is if those rules need to be revisited and you have to reinforce that,” he said, declining to be named due to the sensitivity of the matter.

UBS is the largest wealth manager operating in Asia, with $383 billion of assets under management, according to Asian Private Banker magazine, ahead of Citi, Credit Suisse, HSBC and Julius Baer, Foreign private banks have invested heavily in courting the rich in China - home to the world’s fastest-growing pool of wealth and the second-largest group of billionaires in the world, after the United States, Regulations and restrictions on business ownership and products antique luxury car cufflinks have so far deterred most banks from having an onshore presence, An offshore business, mainly managed out of their Hong Kong and Singapore hubs, remains the preferred route..

While offshore wealth managers often make “social visits” to clients in their home countries, most nations including China don’t allow them to solicit business or sell overseas investment instruments in the onshore market. The number of rich – those with at least $1 million to invest – rose by 12 percent last year in Asia Pacific, led by China. The rate of growth was the fastest in the world, according to consultant CapGemini. The investible assets of rich in China is estimated to have reached $8.4 trillion last year, and CepGemini says 45.5 percent of the onshore wealth were held outside the home market as of the second quarter of last year.

A high degree of secrecy means there are no credible data on the total assets that Chinese individuals hold offshore, Offshore private banks are at liberty to help clients - including those from China - manage wealth already outside the mainland via legal means such as through company stock listings, asset sales or the antique luxury car cufflinks creation of trust companies, But UBS’s recent hiccup comes as bankers and lawyers expect China to get more stringent about the offshoring of wealth, They fear further curbs as Beijing grapples with a weaker currency, and gets access to taxpayer data by sharing financial information with other countries..

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